Below you will find some tips to help ensure that your Receivables Management Year End Close process goes smoothly for you!

When should the Year End Close for Receivables Management be done?

1. If you are using a Calendar year, the year-end process should be done at the end of your calendar year, prior to posting any transactions for the next calendar year.

2. For those using a Fiscal year, the year-end process should be done at the end of your fiscal year, prior to posting any transactions for the next fiscal year.

What does the year end close process do and/or affect?

1. The Calendar year end close, clears the Calendar Year-to-Date Finance Charges and moves them to the Last Year Calendar field in the Customer Finance Charge Summary window found under (Cards – Sales – Summary – Finance Charges)

2. The Fiscal Year end close transfers all amounts other than the Calendar Year-to-Date Finance Charge amount to the Last Year column in the Customer Summary window using the Amounts Since Last Closed View, found under (Cards - Sales - Summary)

What steps should I take to close the year?

Post all transactions for the current year and then proceed through the rest of the steps outlined in KB857444, titled “Year-end closing procedures for Receivables Management in Microsoft Dynamics GP”

Key points to remember:

1. Make a restorable backup when it is recommended as you work through KB857444

2. Receivables Management is not completely date sensitive, meaning that if you do not close the year after you enter all the 2012 transactions and before you enter all the 2013 transactions, some areas in GP will contain incorrect information.

3. As there are some date sensitive features, your best option would be to close the year on time.

4. You will notice that we have two KB's around closing Receivables Management(KB857444) and Payables Management (KB875169) - both instructions say to 'Close the tax year by going to MDGP | Routines | Company | Tax Year-End Close. You will only have to do that once, typically after both RM/PM are closed out. The reason that we list it in both sections is because some users may not use both the RM and PM modules.